Wise Tax Moves for 2019

Now is the perfect time to make some key tax-planning moves.

Use your refund to improve your finances. If you’re expecting a tax refund, you can check on the status at www.irs.gov/refunds. Earmark that money toward improving your financial situation by paying down debt, building an emergency fund, or saving more in tax-advantaged retirement accounts.

Get more money in your paychecks. If you’d like more money in your paychecks instead of a refund in the future, run your numbers through the IRS’s 2019 Paycheck Checkup tool at www.irs.gov to determine whether you should adjust the amount of money your employer withholds from your paychecks for taxes. Revise Form W-4 with your employer to adjust your withholding.

Keep or toss old tax records. The IRS generally has up to three years after the tax-filing deadline to initiate an audit. So, you can safely toss many supporting tax documents – such as canceled checks and receipts – after that time. Keep tax returns indefinitely, and keep records establishing your basis in taxable investments or property until they’re sold.

This article contains information obtained from outside sources and it references external websites. While we believe the information and external websites to be reliable, we cannot guarantee their complete accuracy.


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